The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1887-01-06
The Surplus Revenue.

AllOSt 'COHululUu 10 81 SdtiSldCtUly do eitAo
If the United States. Whilst most Of
,he other great nations are increasing
their debt, by expenses beyond incomes,
and adding to the burthens of the people,
cur government presents the remarkable
fact that the accommodating surplus OF
revenue is q matter of serious concern
Not only has the national debt, within
the past quarter of century, been re- |
duced from 80, 700, 100000 to 81 400, 000,-
900, but the interest charge has been de- |
creased more than one half, and our cred
it so far advanced above that OF other ma !
tions that our per cent. bonds are at a
premium. The question is not how to |
raise more revenue to meet the obliga- |
lions of the Nation, but how to raise
less to prevent plethora OF the treas
ury. Not only this. but the system OF
finance, which has procured these results
operates with such smoothness and effica-
cy, that the people do not feel the tax, or
know they are paying it unless their atten-
ton is called to it. To this splendid re-
cord the Republicans proudly point as an
Illustration of the craftsmanship OF their
party and vindication of their claim to
public confidence. Every law which has
been effective in bringing about this re-
ma rkable and gratifying condition, is OF
Republican origin and support and Dem
ocratic opposition. With these achieve
ments in finance, has gone onin healthy uni
son industrial developments, until the ma
terial relations of the country are as IN
dependent and assuring as the condition
of the treasury.
We are now collecting in excess OF the
needs Of the government about $l0O,0OO,-
900 annually, and it is the duty OF the
present Congress to so adjust our customs
and revenue laws as to diminish the in
come to this amount. The Republicans
are anxious to do this. but at the same
| time they demand that it must not inter-
| fere with the industries of the country or
the basis to which all our Industrial IN
terests haye been accommodated. They
claim that internal taxes, the outgrowth
of the bur thens created by the late civil
war, should be reduced, as they relate to
home productions, and their imposition is
incon slstent with the purpose OF govern
ment in times of peace, and not the GUS
toms leyies which were designed to pro-
| tect our labor interests and industrial en-
terprises, and contribute to our material
strength and independence. But they are
| met at this point by Democratic free ira
ders or revenue reformers,' as they call
themselves, with the proposition to
| continue the internal tax. and to reduce
the customs leyies, in the interest of the
industries of other countries and to the
detriment of American labor. The Re-
publicans can never consent to such pol
icy. The healthy condition of the Treas
! ury and the wonderful advancement in
| industrial int erests. are the fruits OF their
legislation, and they will never be parties
to the destruction or mutilation OF the
system which has assured these conditions.
Instead of an assault upon our industrial
fabric, they ask that the internal tax be
abolished, and that the revenues of the
government be obtained from imposts on
foreign productions seeking market in
this country. That they regard as the
truly Ameri can policy and to it they will
adhere.
In view of the promises of the Demo-
cratic party in their national platform, that
they would reduce the taxes, without in
terfering with the industrial interests OF
the country, they find themselves just
now in a quandary. The propositions they
have outlined in the present Congress
looking to reduction of the revenues are
inconsistent with their ayOwed purpose.
To reduce the tariff on foreign imports in
accordance with what is known as the
Morrison bill, would be to perpetuate the
internal tax and injuriously affect Ameri'
can misunderstanding from internal
/ sources revenues, which the Republicans
maintain should be assessed upon foreign
fabrics. With this conflict stubbornly
supported on either side, it must follow
that there will not be reduction OF
the revenue and diminution of the sur
plus. 10 meet the emergency that would
be thus created, Hon. w L. Scott, DEM
ocratic member from Pennsylvania, pro-
poses novel plan. 1t is in effect that the
surplus in the Treasury be loaned to or
deposited in the banks in the business CEN
tres of the country at 2 per cent. interest,
subject to call, or sight draft, at the dis
erection of the Treasury. The repositories
under the bill, are to be confined to the
national banks which have paid in an an
nual divided Of per cent. per annum, for
the five preceding years, and have accu'
INFLATED on the 1st day of January, 1887.
a surplus revenue over and above the cap
ital stock of such banks, Of not less than
20 per cent. of the par value of the capt.
tai stock of such bankS-the law to con-
tinue in operation until 1889. This is one
lof the proposed devices of the Democratic
party to prevent the repeal of the internal
revenue laws, and to answer as a substitute
for legislation reducing the revenues. We
have not the remotest idea that such an
expedient will be adopted by Congress 1t
would be confession, it is true, OF the
utter inability of the Democratic party to
deal with the subject. or to devise a prac-
teal plan for the reduction OF the sur
plus. But the people would not accept it.
They would consider it an outrage to draw
from them more money than the govern
ment needs and deposit it with the banks
to augment their power and enlarge their
monopolistic influence in business. They
will be satisfied with nothing less than the
repeal of the Maternal taxes, as the rational
method to reduce the surplus and if the
Democratic party is not prepared to legis.
late to that end, it will be held responsible
for the delinquency. Neither the Repub.
licans in Congress nor the people will con-
sent to the adoption of any revenue meas
ure, which would be the first step towards
free trade, nor to any such chimerical
scheme as that of Mr.. Scott. The one
| would be direct assault upon the pros
perity of the country, and a stunning blow
to bus ness in every channel, and the 9th
er would be plan to extract money from
the people for the benefit of corporations and
use the capital thus under their control for
profit off of tllepeople to whom it belongs
Neither would it. be practical nor in conso-
nance with an enlightened appreciation OF
| tI,o ,,rhgio pepds Roth nropOsitiOnS are